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Minority Steelers owner David Tepper purchases the Carolina Panthers

David Tepper

David Tepper, the founder of Appaloosa Management, has reached a deal to become the owner of the Carolina Panthers, according to Tyler Feldman of WBNG.com.

Tepper is currently a minority owner of the Pittsburgh Steelers, so for this deal to go through, Tepper will have to sell his stake in the Steelers. Tepper is worth a reported $11 billion and he bought the Panthers for somewhere in between $2.1 and 2.5 billion.

Per Kevin Patra of NFL.com, the proposal to buy will be presented to the finance committee at the league’s spring owners meeting which takes place May 21-23. If the finance committee accepts the proposal, it is expected that the owners will vote to approve as well.  For Tepper to be able to take over, at least three-fourths of the NFL’s owners must vote to approve him.

One of the biggest concerns for Panthers fans were if Tepper would want to move the Panthers to a different city. There has been a lot o talk about the Panthers getting a new stadium, and if he would move the team if he didn’t get one.

According to Ian Rapport of NFL Network, Tepper would like to see the Panthers stay in Charlotte.

The Panthers have been for sale since December when Owner Jerry Richardson was accused of sexual misconduct and agreed to put up the team for sale. One of the reasons that Richardson narrowed in on Tepper was because of his interest in keeping the team in Charlotte.

The approval should also move fairly quickly, another reason that Richardson wanted Tepper.